India and Oman Accelerate Trade Pact Discussions: New Protocol Signed to Revise Tax Treaty

India and Oman are moving quickly toward finalizing a Comprehensive Economic Partnership Agreement (CEPA). This decision was announced on Tuesday by the Indian government.

During a recent visit to Oman, India’s Commerce and Industry Minister, Piyush Goyal, co-chaired the 11th India-Oman Joint Commission Meeting with Oman’s Minister of Commerce, Qais bin Mohammed Al Yousef. They discussed the CEPA, which is in advanced negotiation stages. The agreement is expected to boost trade and investment between the two countries.

One significant outcome of this visit was the signing of a protocol to amend the Double Taxation Avoidance Agreement (DTAA) between India and Oman. This amendment aligns the agreement with global standards, aiming to simplify tax processes and enhance cooperation on tax matters.

In terms of trade, India exported $4.47 billion worth of goods to Oman in the 2023-24 period. Conversely, imports from Oman totaled about $4.5 billion. The main imports from Oman include petroleum products and urea, which make up over 70% of these imports, along with other goods like chemicals and iron and steel.

Goyal also met with Omani officials, including the Minister of Finance and the Chairman of the Public Authority for Special Economic Zones and Free Zones, to discuss further strengthening economic ties. The meetings were marked by fruitful discussions aimed at enhancing the longstanding relationship between India and Oman.



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